Oil prices declined on Monday as a stronger dollar spurred market sentiment for dollar-priced oil.

Stronger U.S. dollar made the greenback-denominated oil less attractive for holders of other currencies. The dollar index, which measures the greenback against six major peers, was up 0.42 percent at 93.462 in late trading.

Moreover, the oil prices were under pressure recently as investors were concerned that global glut would persist because major oil producers' compliance with production cuts did not improve.

The West Texas Intermediate for September Delivery lost 1.23 dollars to settle at 47.59 dollars a barrel on the New York Mercantile Exchange, while Brent crude for October delivery erased 1.37 dollars to close at 50.73 dollars a barrel on the London ICE Futures Exchange.